Building in Iraq

Iraq Economic Growth (Nominal GDP, ann. var. %)

Economic Growth in Iraq

Economic momentum is likely waning so far this year. Oil production flatlined in annual terms in January–April, weighed on by OPEC+ cuts and the suspension of 450,000 barrels per day of crude flows to Turkey in March. Tougher OPEC+ output curtailments from May will be further dampening the energy sector in the remainder of Q2. In addition, a dollar shortage has harmed the non-oil sector. In politics, the expansionary 2023–2025 budget presented in March has still not been approved by Parliament due to disagreements between Kurdish and Iraqi parties. This lack of approval will be capping government spending. Moreover, strained relations between Kurdistan and the federal government could complicate the resumption of oil exports to Turkey, hitting the external sector.

Iraq Economic Growth Chart

This chart displays Economic Growth (Nominal GDP, ann. var. %) for Iraq from 2013 to 2022.

Iraq Economic Growth Data

2017 2018 2019 2020 2021
Economic Growth (Nominal GDP, ann. var. %) 12.6 21.3 2.7 -21.9 39.6

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest